Dolman Details Asian Growth

Christie’s CEO Edward Dolman isn’t afraid to talk his book with emerging markets. Here he gives India’s BusinessWorld some stats on the growing importance of buyers from those regions in the market.

Collectors from Asia, the Middle-East and Russia in particular now have an ever-increasing presence. For example, in 2009, the value bought by Chinese buyers worldwide in Christie’s sales increased by 94 per cent. Within the Greater China region (Hong Kong, Taiwan and China), Chinese buyers represented 35 per cent of all buying value, an increase of 20 per cent over 2008. The number of lots bought by Russian clients increased by 13 per cent, while registrations from the clients in the Middle- East increased by almost 30 per cent, the highest increase of any geographic region.

Note that the at least one statistic can be read both ways. When Dolman says that “within the Greater China region, Chinese buyers represent 35% of all buying value,” one might easily respond: “Is that all?” With all the new wealth in China, the largest country and economy in the region only accounts for slightly more than one third of the buying value. Shouldn’t it be more? Or does that just suggest a lot more room to run?